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Seoul shares open higher ahead of Fed meeting, earnings reports

By Yonhap

Published : July 25, 2023 - 09:38

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened slightly higher Tuesday, tracking overnight Wall Street gains, as investors are awaiting quarterly earnings reports by major companies and the rate-setting meeting in the United States.

The benchmark Korea Composite Stock Price Index added 2.79 points, or 0.11 percent, to 2,631.32 in the first 15 minutes of trading.

Overnight, US stocks closed higher in the run-up to the Federal Reserve's policy meeting this week. The Dow Jones Industrial Average grew 0.52 percent, and the tech-heavy Nasdaq Composite added 0.19 percent.

During the two-day rate-setting meeting set to begin Tuesday, the US central bank is largely expected to raise the key rate by 0.25 percentage point, and investors seek signs that it might be the end of the cycle of aggressive monetary tightening.

In Seoul, top-cap shares traded mixed.

Tech giant Samsung Electronics opened flat, and SK hynix shed 0.88 percent.

The two chip giants are to release their quarterly earnings results later this week.

But battery and steel firms traded bullish. Leading battery maker LG Energy Solution grew 0.34 percent, and LG Chem climbed 0.98 percent.

Posco Holdings surged 1.87 percent and Posco Future M jumped 5.72 percent following the previous session's sharp gains.

Carmakers opened higher on bargain hunting. Top automaker Hyundai Motor increased 0.9 percent, and Kia went up 0.72 percent.

Among decliners, major bio firm Samsung Biologics lost 0.81 percent, and internet giant Naver sank 0.99 percent.

The local currency was trading at 1,284.80 won against the US dollar at 9:15 a.m., down 4.9 won from the previous session's close. (Yonhap)